S

State Street

Holds assets for institutions and runs index funds

Fund Accounting and Administration Product Owner - Insurance Accounting, Vice President

Full-TimePosted on 10/23/2026Deadline 2/3/27
$110k - $188.8k/yr+ Annual performance-based awards
Expert
Bachelor's, Master's
Boston, MA, USA
In Person
ProductProduct Management
Company Historically Provides H1B Sponsorship

About the job

Requirements
  • A bachelor's degree in accounting or a related field is required.
  • At least 12 years of experience as a business Product Owner, product leader, or senior end user of insurance, fund accounting, or financial software, or at least 12 years of experience as a senior business analyst, business Product Owner, or product leader supporting financial or accounting platforms.
  • Demonstrated experience leading complex product initiatives.
  • Strong experience with insurance accounting and/or investment accounting, including complex asset classes such as fixed income, derivatives, mortgage loans, and alternative investments.
  • Knowledge of inbound and outbound data flows across the investment lifecycle, including trade processing, cash, and market data.
  • Experience leading within an agile software development environment as a business Product Owner, product leader, or senior business analyst.
  • Significant experience working directly with clients and other stakeholders.
  • Experience with artificial intelligence tools and applying them to improve product development, analysis, and day-to-day business processes.
  • Strategic product leadership and ability to translate business objectives into clear product direction and priorities.
  • Strong problem-solving and decision-making skills, including making informed decisions in complex or ambiguous situations.
  • Deep analytical and research capabilities.
  • Sound accounting judgment and attention to financial details.
  • Ability to manage multiple priorities and initiatives simultaneously.
  • Clear and effective communication with a wide range of stakeholders.
  • Strong presentation and written communication skills.
  • Ability to build alignment and drive accountability across complex initiatives.
  • Strong time management and organizational skills.
  • Proficiency with Microsoft tools including Copilot, Teams, Excel, and PowerPoint.
Responsibilities
  • Serve as one of the primary business authorities for insurance accounting functionality and related reporting.
  • Communicate product direction and measurable business outcomes for assigned product capabilities.
  • Lead complex product initiatives and enhancements spanning multiple business processes, client segments, or delivery teams.
  • Engage clients and internal stakeholders to understand needs, priorities, and impacts.
  • Lead business analysis and functional design efforts, creating clear business design documents and requirements.
  • Define accounting ledger entries, multi-cost basis behavior, and accounting outcomes for enhancements.
  • Establish needs for reporting solutions and ensure alignment with accounting, regulatory, and client requirements.
  • Translate business and accounting requirements into well-defined epics, features, user stories, and acceptance criteria.
  • Provide business use cases and functional testing scenarios.
  • Provide senior-level oversight of testing strategy and validate accounting accuracy, control effectiveness, and business outcomes.
  • Partner with product management, development, operations, client service, and other stakeholders to manage dependencies, resolve issues, and maintain an actionable backlog.
  • Assist with product roadmaps and longer-term functional direction, including recommendations for modernization.
  • Oversee delivery of enhancements through iterative planning, prioritizing business value and client impact.
  • Identify cross-product and data dependencies and drive alignment across accounting, reporting, operational, and client-facing capabilities.
  • Create and maintain user documentation.
  • Deliver training sessions and product demonstrations for internal teams and current or prospective clients.
  • Support software maintenance and client service teams with business-level troubleshooting.
  • Assist onboarding teams and clients with conversions and implementations as needed.
Desired Qualifications
  • An advanced degree, Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or relevant product experience is preferred.

About the company

State Street holds and services investments for pension funds, insurers, fund companies, and other large institutions, and it also runs index funds through State Street Investment Management. It launched the first US-listed exchange-traded fund, the SPDR S&P 500 ETF Trust, in 1993, and in 1924 it became custodian of the first US mutual fund. As a custody bank, it safekeeps clients' stocks and bonds, completes their trades, calculates what their funds are worth, and lends their securities to other investors. It earns fees on the assets it services and manages, plus income from currency trading and from interest on client cash. State Street traces its roots to a bank chartered in 1792 and is based in Boston, Massachusetts.

Company Size

10,001+

Company Stage

IPO

Headquarters

Boston, Massachusetts

Founded

1792

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Simplify Jobs

Simplify's Take

What believers are saying

  • Fees, not lending, drive results: fees were 79% of revenue and grew 17% in the June 2026 quarter.
  • Equity has gained value: shares rose 36% from January to October 2026, beating custody rival Northern Trust's 23%.
  • Tech roles lead hiring: 477 of State Street's 1,133 open jobs in October 2026 were in information technology.

What critics are saying

  • Cuts continue despite record revenue: State Street booked $190 million in layoff charges from October 2025 to March 2026.
  • Its closest rival is more profitable: BNY kept 40% of mid-2026 revenue as pre-tax profit, versus State Street's 34%.
  • Legal risk lingers: Vanguard paid $29.5 million in March 2026 to exit an 11-state coal antitrust suit State Street fights.

What makes State Street unique

  • It doubles as a fund giant: it managed $6.3 trillion in June 2026, nearly triple custody rival BNY's $2.2 trillion.
  • Rival fund firms run on its back office: it services over 3,000 ETFs, about 39% of global ETF assets.
  • Fund managers trade through its software: it bought trading-system maker Charles River for $2.6 billion in 2018.

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Benefits

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Life Insurance
  • Disability Insurance
  • Flexible Work Hours
  • Remote Work Options
  • Professional Development Budget
  • Tuition Reimbursement
  • Paid Holidays
  • Employee Referral Bonus

Growth & Insights and Company News

6 month growth

-8%

1 year growth

-8%

2 year growth

-8%
Yahoo Finance
Oct 18th, 2026
State Street Q3 profit per share jumps 33% to $3.69 as revenue hits $4B

State Street reported a 33% year-over-year rise in third-quarter per-share earnings to $3.69. Total revenue grew 13% to $4 billion, the company said on its October 14, 2026 earnings call. Net interest income rose 21% to $864 million, driven by a wider net interest margin and higher average interest-earning assets. State Street expects over 500 basis points of positive operating leverage in 2026. The bank won a servicing mandate from one of the largest US registered investment advisors, pairing its front-office software with custody services. Alternative asset servicing fees grew at a double-digit rate. Assets under custody and administration reached a record $59.2 trillion.

SaasRise
Oct 17th, 2026
AI cloud-spending split deepens divide between funded SaaS leaders and cash-strapped players.

AI cloud-spending split deepens divide between funded SaaS leaders and cash-strapped players. SaasRise - Oct 17, 2026 New data shows a widening gap as large SaaS providers pour record dollars into AI-driven features, while indie hackers and mid-market firms scramble with limited cash and risky infrastructure choices. The split threatens expansion revenue for the stretched and accelerates moats for the funded. Why it matters. The AI cloud-spending divide creates a two-tier SaaS market. Funded players can accelerate AI-driven product development, lock in expansion revenue, and build defensible moats that attract premium valuations. Meanwhile, cash-strapped firms risk stagnation, higher churn, and reduced competitive relevance. For operators, the split forces a strategic choice: double-down on AI spend and secure financing, or double-down on lean, product-led growth and avoid costly infrastructure missteps. Investors must recalibrate risk models, weighting AI spend efficiency and cash runway more heavily than ever. Long-term, the split could catalyze consolidation. Larger SaaS platforms may acquire niche AI-focused startups to fill feature gaps, while smaller firms might spin out AI-lite modules to remain viable. The pressure on mid-market SaaS to either secure deep funding or adopt ultra-efficient cloud stacks will shape the next wave of category creation and competitive moats in the industry. Key points. * State Street's SaaS platform revenue rose 5% YoY to $175 M; software ARR grew 8% to $442 M. * Indie hackers: only 8-10% clear $10K MRR; median lifetime earnings near zero. * Phillip Merrick (pgEdge) warned that mis-chosen databases can force costly re-engineering for AI workloads. * John Turner Jr. (Regions Financial) noted slowing activity due to rising costs and economics challenges. * AI-focused sessions at TechCrunch Disrupt 2026 signal strong enterprise demand for AI-native infrastructure. Analysis. The emerging AI spend bifurcation mirrors past technology cycles where early adopters reap outsized returns while laggards fall behind. In the early 2010s, cloud-first firms that secured large credit lines could lock in discounted compute, creating cost advantages that persisted for years. Today, AI-native infrastructure is the new commodity, and the capital intensity is even higher. Companies like State Street, with $4 B in total revenue, can absorb the premium on GPU instances and still post double-digit ARR growth. Their ability to bundle AI features into existing SaaS contracts translates into higher net-retention and cross-sell opportunities, reinforcing a virtuous cycle of growth and valuation uplift. For the stretched cohort, the challenge is twofold. First, the cost curve for AI services is steep; without deep pockets, a modest increase in cloud spend can erode margins dramatically. Second, the technical debt of choosing the wrong database or monitoring stack compounds the problem, as Merrick and Ramachandran both highlight. The result is a higher likelihood of performance incidents, customer churn, and ultimately, a weaker competitive moat. Some mid-market firms may attempt to mitigate this by leveraging outsourced finance platforms - K-38 Consulting's guide shows a growing market for fractional CFOs that can help align spend with revenue forecasts. However, such services are a stop-gap, not a substitute for the scale needed to fund AI-heavy roadmaps. Strategically, the split creates a clear incentive for consolidation. Larger SaaS players will likely target niche AI-focused startups that have built specialized models but lack the infrastructure budget to scale. Acquisitions can instantly bolt AI capabilities onto robust, well-funded platforms, preserving the latter's growth trajectory while giving the acquired startup a runway. Conversely, cash-strapped firms may spin off AI-lite modules or pursue partnership models that share infrastructure costs. The net effect will be a more polarized SaaS ecosystem, where capital intensity becomes a primary determinant of market leadership. In the near term, operators should audit their AI spend against unit economics, prioritize telemetry that can surface intermittent performance issues, and consider fractional finance partners to keep runway intact. Investors, meanwhile, will need to sharpen diligence around AI cost structures, looking beyond headline ARR growth to the underlying cloud spend efficiency. The AI cloud-spending split is not just a budgeting issue - it is reshaping the competitive architecture of SaaS for the next decade.

Kalkine
Oct 15th, 2026
State Street prices $750M senior notes due 2037 with 5.963% fixed coupon

State Street Corporation priced a $750 million offering of fixed-to-floating rate senior notes due 2037, according to a filing on October 15, 2026. Settlement is expected on October 20, 2026. The notes pay a fixed 5.963% coupon, semi-annually, until October 20, 2036. After that, the rate becomes daily compounded SOFR plus 122 basis points. The issue price is 100% of principal, 88 basis points above the benchmark Treasury. State Street may redeem the notes in whole on October 20, 2036. Expected ratings are Aa3 from Moody's, A from S&P, and AA- from Fitch. Goldman Sachs, Morgan Stanley, Scotia Capital, and TD Securities are the joint book-running managers.

PR Newswire
Oct 14th, 2026
State Street shares fall 7% on $4.00B revenue miss as investors face securities probe

State Street shares fell about 7% at market open on October 14, 2026, after the company reported third-quarter revenue of $4.00 billion, below the roughly $4.03 billion analysts expected. Shares opened at about $161.90, down roughly $12.20 from the previous close. Fee revenue of about $3.14 billion also missed the estimated $3.18 billion. Law firm Levi & Korsinsky, through its SueWallSt service, has opened an investigation into whether State Street adequately disclosed fee-revenue trends before the report. It is also examining whether shareholders may have claims for potential securities law violations.

The Full FX
Oct 14th, 2026
State Street - Liquidity Insights 2026.

State Street - Liquidity Insights 2026. Posted by toast. Last updated: October 14, 2026 State Street's Liquidity Insights is a new dashboard offering real-time information in addition to what could be termed the standard range of analytical tools. What The Full FX really liked, however, is how, in addition to the volume, spread and depth data, it offers analysis on bespoke, multi-currency if required, baskets across a range of time horizons. The heat map offers fill rate per minute and reinforces the excellent look and feel to the platform, where finding and analysing information is easy. "What-if" analysis is supported by intuitive graphics, making it easy to ascertain current conditions compared to selected periods. An "at a glance" function completes the package. Ultimately, this launch fills a pressing gap for a giant in the real money space and given how some important clients in that arena like to have more of a say on their FX execution, it is delivering an important service from a familiar source. It is hard to offer something different in the execution analytics space, but allied to a strong presence in a key segment of the market, State Street has delivered a dashboard that just has a modern, intuitive and user-friendly feel.